Petrom
Encyclopedia
Petrom is a Romania
n oil
company, the largest corporation in Romania
and the largest gas and oil producer in Eastern Europe
operating in several countries:
In the year 2010, Petrom’s share price embarked on an increasing trend, with a similar performance as in 2009. Price growth started from the beginning of the year, and after reaching its year low value of RON 0.252/ share on January 4, the share price increased to RON 0.335/share on December 30. Overall, Petrom’s share price increased by 35% on a full year basis, reaching its year high of RON 0.366/ share on April 9, outperforming the local and the international capital markets.
n state and sold to Austrian oil company OMV
. , it was the largest privatization deal in Romania
's history. OMV
controls 51% of Petrom's shares. The other shareholders are the Romania
n state (40.74%), EBRD (2.03%), and others (6.23%).
Apart from its operations in Romania
, the company operates in Bulgaria
, Serbia
, Hungary, Moldova
, Kazakhstan
, Iran
and Russia. In Moldova it operates 73 filling stations, being one of the leading oil companies, alongside Lukoil
. In Hungary there are 2 Petrom filling stations.
Petrom owned until 2005 a number of six offshore drilling platforms of which five, GSP Atlas
, GSP Jupiter
, GSP Orizont
, GSP Prometeu
and GSP Saturn
were sold to Grup Servicii Petroliere
for US$100 million.
In January 2006, Petrom purchased OMV
's operations in Romania
, Bulgaria
and Serbia and Montenegro
.http://www.petrom.ro/engleza/comunicate/72.htm As a result of the transaction, 178 OMV
stations operating at the highest standards belong now to Petrom and will continue to operate under the OMV
brand. With significant investments of €500 million until 2010 in the Marketing business alone, Petrom is attempting to consolidate its leading market position in South Eastern Europe.
In 2007 the company produced 5.5 billion m3 of natural gas
and 191,000 bpd of crude oil.
In 2007, Petrom signs the construction contract for Petrom City, the new company headquarters.
In 2008, Petrom signed a contract to build power plant Brazi
with the consortium of General Electric
and Metka. The consortium will build and deliver turnkey by September 2011, will be producing electricity and steam combined cycle, which will run on natural gas. The contract value exceeds 400 million Euro
.
From 1 January 2010, the Extraordinary General Meeting decided to change the name of Petrom oil company to OMV Petrom.
On February 1, Rainer Schlang became member of OMV Petrom S.A.’s Executive Board, responsible for Marketing. He replaced Tamas Mayer, who took over new responsibilities within OMV Group.
In April 2010, Petrom expanded portfolio of its projects in terms of electricity production through the acquisition of 100% of the SC Wind Power Park SRL. Dobrogea Wind Power Park holds a draft of wind power generation for which all permits were obtained, with a capacity of about 45 MW. Petrom will build and operate a wind powerplant, which is expected to enter production in mid 2011.
On May 18, Petrom announced the conclusion of a very successful offshore campaign in the Lebada Est and Lebada Vest fields, located at the Histria block in the Black Sea, using pioneering technology in Romania. Following this offshore campaign, additional production of more than 300,000 boe is expected in 2010 from two existing wells (LO2 and LO4) and a new well drilled (LV05).
On June 1, Petrom announced the start-up of the Hurezani gas delivery system, a project intended to optimize gas delivery into the national transportation network in periods when pressure in the system is very high.
On July 12, Petrom announced the signing of a 15-year production enhancement contract for several fields in the area of Ticleni, Southwest Romania, with Petrofac, a leading international provider of facilities solutions to the oil and gas production and processing industry. Petrofac will perform services in the respective fields in order to maximize production while improving operational efficiency. The partnership targets cumulative production enhancement out of nine onshore fields in the Ticleni area by at least 50% in the next five years.
On September 6, Petrom announced the sale of the 74.9% stake in Ring Oil (Russia) to its minority partner Mineral and Bio Oil Fuels Limited (MBO).
From October 1st 2010, Petrom has completed the consolidation of marketing activities in Romania in a single entity, OMV Petrom Marketing SRL.
On November 24, Petrom announced two changes in its Executive Board. Starting January 1, 2011, by the decision of Petrom’s Supervisory Board, the Executive Board will have two new members: Daniel Turnheim, Chief Financial Officer and Hilmar Kroat-Reder, responsible for Gas and Power. The two new members succeed Reinhard Pichler and Gerald Kappes respectively, who took over new responsibilities within OMV Group.
In December 2nd 2010, Petrom inaugurated Petrom City, the headquarters that will host the company’s central operations. Situated in the Northern part of Bucharest, it will be used by around 2,500 employees from 7 headquarters of the company in Bucharest and Ploiesti. The employee relocation process started in the fourth quarter of 2010 and is estimated to be finalized in the first half of 2011.
In 2010, Petrom inaugurated Hurezani gas delivery system designed to optimize gas supply to the national transport network. The system includes a new compressor station at Bulbuceni, 11.5 km of new pipe station and a new measurement of the gas delivery point Hurezani to adapt to changing parameters of the gas flow and pressure.The total investment budgeted amounts to about 135 million euros.
, Park from Moinești
, Park from Pitești
), Resources for the future http://www.respectviitorul.ro/, Building for the future, Support for the Future.
In 2010 Petrom continued its progress in developing and implementing a performance-oriented culture. In this regard, we developed and communicated the Petrom strategy for 2015 internally and externally and continued other performance-related initiatives: strengthening positive communication, making people objectives as important as business objectives, implementing a consistent performance management system, designing talent management process and programs and closing the communication gap between the HQ and territories. The ultimate objective of these programs is to develop the managerial base within Petrom and create a unitary organizational culture based on transparency and performance.
In 2010, TaraluiAndrei.ro became a community of over 240,000 citizens who wanted to change Romania for the better. Over 300 people all around the country submitted projects meant to solve a problem in their community. Petrom financed with EUR 110,000 a number of 23 projects for local communities, including refurbishment of learning units, selective waste collection systems, cleaning and building of green areas etc. About 390,000 people around Romania benefit from all these projects. In 2010, TaraluiAndrei.ro was elected by young Romanians as second most important volunteering platform in Romania (after Greenpeace) according to a GFK study. Over 2,000 people participated in volunteering activities in Andrei’s Country. Petrom's annual report, 2010
In 2010, 1,400 volunteers planted 46,000 trees on 9.5 hectares of land, transposing all online efforts of Andrei’s Country citizens into real actions. The planting actions took place in Ploiesti (Prahova) and Moinesti, two communities affected either by land slip or by lack of green spaces and where the company develops its daily business.
government. In December 2004, OMV obtained a 51 per cent stake in SNP Petrom SA.
Major Romania
n newspapers published articles criticising the privatization of Petrom, on the grounds that last-minute unadvertised moves gave Petrom all of Romania
's oil and gas reserves just before the privatization contract was signed. It was claimed that this move gave away the control of the country's national resources
As a consequence, OMV
/Petrom has a de facto monopoly on the oil production of Romania
. Moreover, the state did not impose price controlling clauses in the privatization contract, so that Romania
n-produced petroleum is sold in Romania
at the same price as imported petroleum.
Internal company manoeuvres allowed the price to increase. As reported in Evenimentul Zilei
(a leading daily newspaper in Romania
), translated from Romanian
:
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n oil
Petroleum
Petroleum or crude oil is a naturally occurring, flammable liquid consisting of a complex mixture of hydrocarbons of various molecular weights and other liquid organic compounds, that are found in geologic formations beneath the Earth's surface. Petroleum is recovered mostly through oil drilling...
company, the largest corporation in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
and the largest gas and oil producer in Eastern Europe
Eastern Europe
Eastern Europe is the eastern part of Europe. The term has widely disparate geopolitical, geographical, cultural and socioeconomic readings, which makes it highly context-dependent and even volatile, and there are "almost as many definitions of Eastern Europe as there are scholars of the region"...
operating in several countries:
- RomaniaRomaniaRomania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
- largest company; - MoldovaMoldovaMoldova , officially the Republic of Moldova is a landlocked state in Eastern Europe, located between Romania to the West and Ukraine to the North, East and South. It declared itself an independent state with the same boundaries as the preceding Moldavian Soviet Socialist Republic in 1991, as part...
- 2nd largest company, 31% market share; - BulgariaBulgariaBulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
- 3rd largest company, 18% market share; - Serbia and MontenegroSerbia and MontenegroSerbia and Montenegro was a country in southeastern Europe, formed from two former republics of the Socialist Federal Republic of Yugoslavia : Serbia and Montenegro. Following the breakup of Yugoslavia, it was established in 1992 as a federation called the Federal Republic of Yugoslavia...
- 3rd largest company, 13% market share.
In the year 2010, Petrom’s share price embarked on an increasing trend, with a similar performance as in 2009. Price growth started from the beginning of the year, and after reaching its year low value of RON 0.252/ share on January 4, the share price increased to RON 0.335/share on December 30. Overall, Petrom’s share price increased by 35% on a full year basis, reaching its year high of RON 0.366/ share on April 9, outperforming the local and the international capital markets.
History
In late 2004, Petrom was privatized by the RomaniaRomania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n state and sold to Austrian oil company OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
. , it was the largest privatization deal in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
's history. OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
controls 51% of Petrom's shares. The other shareholders are the Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n state (40.74%), EBRD (2.03%), and others (6.23%).
Apart from its operations in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
, the company operates in Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
, Serbia
Serbia
Serbia , officially the Republic of Serbia , is a landlocked country located at the crossroads of Central and Southeast Europe, covering the southern part of the Carpathian basin and the central part of the Balkans...
, Hungary, Moldova
Moldova
Moldova , officially the Republic of Moldova is a landlocked state in Eastern Europe, located between Romania to the West and Ukraine to the North, East and South. It declared itself an independent state with the same boundaries as the preceding Moldavian Soviet Socialist Republic in 1991, as part...
, Kazakhstan
Kazakhstan
Kazakhstan , officially the Republic of Kazakhstan, is a transcontinental country in Central Asia and Eastern Europe. Ranked as the ninth largest country in the world, it is also the world's largest landlocked country; its territory of is greater than Western Europe...
, Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
and Russia. In Moldova it operates 73 filling stations, being one of the leading oil companies, alongside Lukoil
LUKoil
Lukoil/LUKoil ; ) is Russia's second largest oil company and its second largest producer of oil. In 2009, the company produced 97.615 million tons of oil; ....
. In Hungary there are 2 Petrom filling stations.
Petrom owned until 2005 a number of six offshore drilling platforms of which five, GSP Atlas
GSP Atlas
GSP Atlas is a four legged jack-up rig, cantilever type with self elevating unit operated by . The drilling unit is registered in Malta.-Description:...
, GSP Jupiter
GSP Jupiter
GSP Jupiter is a semi-submersible, jackup independent leg cantilever drilling rig operated by GSP Drilling, a Grup Servicii Petroliere subsidiary, and currently contracted by Melrose Resources for drilling in the Bulgarian section of the Black Sea...
, GSP Orizont
GSP Orizont
GSP Orizont is a semi-submersible, jackup independent leg cantilever drilling rig operated by GSP Drilling, a Grup Servicii Petroliere subsidiary, and currently contracted by Iranian Offshore Engineering and Construction Company for drilling in the Iranian section of the Persian Gulf...
, GSP Prometeu
GSP Prometeu
GSP Prometeu is a semi-submersible, jackup independent leg cantilever drilling rig operated by GSP Drilling, a Grup Servicii Petroliere subsidiary, and currently contracted by Melrose Resources for drilling in the Bulgarian section of the Black Sea...
and GSP Saturn
GSP Saturn
GSP Saturn is a semi-submersible, jackup independent leg cantilever drilling rig operated by GSP Drilling, a Grup Servicii Petroliere subsidiary, and currently contracted by Energean Oil & Gas for drilling in the Greek section of the Mediterranean Sea...
were sold to Grup Servicii Petroliere
Grup Servicii Petroliere
Grup Servicii Petroliere is a Romanian company providing offshore integrated services for oil&gas industryThe company, established in 2004, is a member of ....
for US$100 million.
In January 2006, Petrom purchased OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
's operations in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
, Bulgaria
Bulgaria
Bulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
and Serbia and Montenegro
Serbia and Montenegro
Serbia and Montenegro was a country in southeastern Europe, formed from two former republics of the Socialist Federal Republic of Yugoslavia : Serbia and Montenegro. Following the breakup of Yugoslavia, it was established in 1992 as a federation called the Federal Republic of Yugoslavia...
.http://www.petrom.ro/engleza/comunicate/72.htm As a result of the transaction, 178 OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
stations operating at the highest standards belong now to Petrom and will continue to operate under the OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
brand. With significant investments of €500 million until 2010 in the Marketing business alone, Petrom is attempting to consolidate its leading market position in South Eastern Europe.
Natural gas
Natural gas is a naturally occurring gas mixture consisting primarily of methane, typically with 0–20% higher hydrocarbons . It is found associated with other hydrocarbon fuel, in coal beds, as methane clathrates, and is an important fuel source and a major feedstock for fertilizers.Most natural...
and 191,000 bpd of crude oil.
In 2007, Petrom signs the construction contract for Petrom City, the new company headquarters.
In 2008, Petrom signed a contract to build power plant Brazi
Brazi
Brazi is a commune in Prahova County, Romania. It is composed of six villages: Băteşti, Brazii de Jos, Brazii de Sus , Negoieşti, Popeşti and Stejaru.In 1948 it had a population of 1,530....
with the consortium of General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
and Metka. The consortium will build and deliver turnkey by September 2011, will be producing electricity and steam combined cycle, which will run on natural gas. The contract value exceeds 400 million Euro
Euro
The euro is the official currency of the eurozone: 17 of the 27 member states of the European Union. It is also the currency used by the Institutions of the European Union. The eurozone consists of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,...
.
From 1 January 2010, the Extraordinary General Meeting decided to change the name of Petrom oil company to OMV Petrom.
On February 1, Rainer Schlang became member of OMV Petrom S.A.’s Executive Board, responsible for Marketing. He replaced Tamas Mayer, who took over new responsibilities within OMV Group.
In April 2010, Petrom expanded portfolio of its projects in terms of electricity production through the acquisition of 100% of the SC Wind Power Park SRL. Dobrogea Wind Power Park holds a draft of wind power generation for which all permits were obtained, with a capacity of about 45 MW. Petrom will build and operate a wind powerplant, which is expected to enter production in mid 2011.
On May 18, Petrom announced the conclusion of a very successful offshore campaign in the Lebada Est and Lebada Vest fields, located at the Histria block in the Black Sea, using pioneering technology in Romania. Following this offshore campaign, additional production of more than 300,000 boe is expected in 2010 from two existing wells (LO2 and LO4) and a new well drilled (LV05).
On June 1, Petrom announced the start-up of the Hurezani gas delivery system, a project intended to optimize gas delivery into the national transportation network in periods when pressure in the system is very high.
On July 12, Petrom announced the signing of a 15-year production enhancement contract for several fields in the area of Ticleni, Southwest Romania, with Petrofac, a leading international provider of facilities solutions to the oil and gas production and processing industry. Petrofac will perform services in the respective fields in order to maximize production while improving operational efficiency. The partnership targets cumulative production enhancement out of nine onshore fields in the Ticleni area by at least 50% in the next five years.
On September 6, Petrom announced the sale of the 74.9% stake in Ring Oil (Russia) to its minority partner Mineral and Bio Oil Fuels Limited (MBO).
From October 1st 2010, Petrom has completed the consolidation of marketing activities in Romania in a single entity, OMV Petrom Marketing SRL.
On November 24, Petrom announced two changes in its Executive Board. Starting January 1, 2011, by the decision of Petrom’s Supervisory Board, the Executive Board will have two new members: Daniel Turnheim, Chief Financial Officer and Hilmar Kroat-Reder, responsible for Gas and Power. The two new members succeed Reinhard Pichler and Gerald Kappes respectively, who took over new responsibilities within OMV Group.
In December 2nd 2010, Petrom inaugurated Petrom City, the headquarters that will host the company’s central operations. Situated in the Northern part of Bucharest, it will be used by around 2,500 employees from 7 headquarters of the company in Bucharest and Ploiesti. The employee relocation process started in the fourth quarter of 2010 and is estimated to be finalized in the first half of 2011.
In 2010, Petrom inaugurated Hurezani gas delivery system designed to optimize gas supply to the national transport network. The system includes a new compressor station at Bulbuceni, 11.5 km of new pipe station and a new measurement of the gas delivery point Hurezani to adapt to changing parameters of the gas flow and pressure.The total investment budgeted amounts to about 135 million euros.
Shareholders
- 51.01% Österreichische MineralölverwaltungOMVOMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
OMV AG - 20.64% AVAS (Agency for the Recovery of State Assets)
- 20.11% Property Fund S.A. (fund managing different stakes in Romanian companies, created by Romanian state in order to compensate the persons who suffered from the nationalization of their assets during the communist regime)
- 2.03% EBRD (European Bank for Reconstruction and Development)
- 6.21% Free float (around 500,000 private and institutional investors from Romania and from abroad)
Petrom and CSR
Țara lui Andrei http://www.taraluiandrei.ro, Parks for the future http://www.parcurileviitorului.com, (Park from BucharestBucharest
Bucharest is the capital municipality, cultural, industrial, and financial centre of Romania. It is the largest city in Romania, located in the southeast of the country, at , and lies on the banks of the Dâmbovița River....
, Park from Moinești
Moinesti
Moineşti is a city in Bacău County, Romania, with a population of 24,210 . Its name is derived from the Romanian-language word moină, which means "fallow" or "light rain". Moineşti once had a large Jewish community; in Jewish contexts the name is often given as Mojnescht...
, Park from Pitești
Pitesti
Pitești is a city in Romania, located on the Argeș River. The capital and largest city of Argeș County, it is an important commercial and industrial center, as well as the home of two universities. Pitești is situated on the A1 freeway connecting it directly to the national capital Bucharest,...
), Resources for the future http://www.respectviitorul.ro/, Building for the future, Support for the Future.
In 2010 Petrom continued its progress in developing and implementing a performance-oriented culture. In this regard, we developed and communicated the Petrom strategy for 2015 internally and externally and continued other performance-related initiatives: strengthening positive communication, making people objectives as important as business objectives, implementing a consistent performance management system, designing talent management process and programs and closing the communication gap between the HQ and territories. The ultimate objective of these programs is to develop the managerial base within Petrom and create a unitary organizational culture based on transparency and performance.
In 2010, TaraluiAndrei.ro became a community of over 240,000 citizens who wanted to change Romania for the better. Over 300 people all around the country submitted projects meant to solve a problem in their community. Petrom financed with EUR 110,000 a number of 23 projects for local communities, including refurbishment of learning units, selective waste collection systems, cleaning and building of green areas etc. About 390,000 people around Romania benefit from all these projects. In 2010, TaraluiAndrei.ro was elected by young Romanians as second most important volunteering platform in Romania (after Greenpeace) according to a GFK study. Over 2,000 people participated in volunteering activities in Andrei’s Country. Petrom's annual report, 2010
In 2010, 1,400 volunteers planted 46,000 trees on 9.5 hectares of land, transposing all online efforts of Andrei’s Country citizens into real actions. The planting actions took place in Ploiesti (Prahova) and Moinesti, two communities affected either by land slip or by lack of green spaces and where the company develops its daily business.
Petrom Cross
Petrom organized in 2008, 2009 and 2010 Petrom Cross, an event in which the company builds a bike trail meter for each participant. 4200 feet (1,280.2 m) of trail bikes have been achieved from the 2009 and 2008 editions.Privatization controversy
The Petrom privatization was realized during the last months of the Adrian NăstaseAdrian Nastase
Adrian Năstase is a Romanian politician who was the Prime Minister of Romania from December 2000 to December 2004.He competed as the Social Democratic Party candidate in the 2004 presidential election, but was defeated by centre-right Justice and Truth Alliance candidate Traian Băsescu.He was...
government. In December 2004, OMV obtained a 51 per cent stake in SNP Petrom SA.
Major Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n newspapers published articles criticising the privatization of Petrom, on the grounds that last-minute unadvertised moves gave Petrom all of Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
's oil and gas reserves just before the privatization contract was signed. It was claimed that this move gave away the control of the country's national resources
As a consequence, OMV
OMV
OMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
/Petrom has a de facto monopoly on the oil production of Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
. Moreover, the state did not impose price controlling clauses in the privatization contract, so that Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
n-produced petroleum is sold in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
at the same price as imported petroleum.
Internal company manoeuvres allowed the price to increase. As reported in Evenimentul Zilei
Evenimentul Zilei
Evenimentul Zilei is one of the leading newspapers in Romania. Based in Bucharest, the Romanian-language daily has a paid daily circulation of 110,000...
(a leading daily newspaper in Romania
Romania
Romania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
), translated from Romanian
Romanian language
Romanian Romanian Romanian (or Daco-Romanian; obsolete spellings Rumanian, Roumanian; self-designation: română, limba română ("the Romanian language") or românește (lit. "in Romanian") is a Romance language spoken by around 24 to 28 million people, primarily in Romania and Moldova...
:
-
- At Petrom, 159 litres of gas cost 197 dollars. The price is 15 times bigger than the extraction costs from Romanian reserves. Freshly extracted, one oil barrel is worth 12 dollars, but the price increases to 46 dollars as it reaches the gates of the refinery.
- The OMVOMVOMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
-Petrom case must be clarified. A simple computation shows that simply "selling" the oil between the Exploration-Extraction Division and the Refining Division brings OMVOMVOMV is Austria's largest oil-producing, refining and gas station operating company with important activities in other Central European countries...
/Petrom a profit of some 32 dollars per oil barrel.